August 13, 2009

More Economy FAIL!

Hey, remember last week? All those reports about those rosy figures on unemployment and the economy? And every O-bot, Democrat and member of the MSM (but I repeat myself, of course) screaming to the high heaven how "The Recession is Over" and the Teleprompter Messiah has saved us?

And all the folks at CNBC buying into the "Green Shoots" jive with even more vigor.

The number of newly laid-off workers filing claims for unemployment benefits rose unexpectedly last week and retail sales disappointed in July. The
latest government reports reinforced concerns about how quickly
consumers will be able to contribute to a broad economic recovery.

Yep, it's really that bad.

"There is really no positive spin to put on these numbers," Jennifer
Lee, an economist with BMO Capital Markets, wrote in a research note.
"The U.S. consumer remains very weak. The jobs situation, while slowly
improving, is still dismal."

Remember, in Green Shoot-speak "slowly improving" is precisely the same as "getting worse at a slightly slower rate". I find that it's important to have your "Green Shoot to Reality Translator" handy when you read these reports.

Meanwhile, the Commerce Department said retail sales fell 0.1 percent last month. Economists had expected a gain of 0.7 percent.

While autos, helped by the start of the Cash for Clunkers program,
showed a 2.4 percent jump — the biggest in six months — there was
widespread weakness elsewhere. Gasoline stations, department stores,
electronics outlets and furniture stores all reported declines.